CONMED Corporation (NYSE:CNMD) Plans Quarterly Dividend of $0.20

Key Points

• CONMED Corporation has announced a quarterly dividend of $0.20 per share, scheduled for payment on October 3rd to stockholders of record as of September 15th, resulting in a 1.5% annualized dividend yield.
• The company reported $1.15 earnings per share for the last quarter, exceeding analysts' expectations and representing a 3.1% increase in revenue year-over-year.
• CONMED's dividend payout ratio stands at 16.9%, indicating a strong capacity to sustain its dividend payments based on anticipated earning forecasts for the next fiscal year.

CONMED Corporation (NYSE:CNMD - Get Free Report) announced a quarterly dividend on Friday, August 8th, RTT News reports. Shareholders of record on Monday, September 15th will be paid a dividend of 0.20 per share on Friday, October 3rd. This represents a c) dividend on an annualized basis and a yield of 1.5%.

CONMED has a payout ratio of 16.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect CONMED to earn $5.07 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 15.8%.

CONMED Price Performance

NYSE CNMD traded up $1.33 on Friday, reaching $54.71. The company's stock had a trading volume of 552,572 shares, compared to its average volume of 582,645. CONMED has a twelve month low of $46.00 and a twelve month high of $78.19. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.00 and a current ratio of 2.23. The stock has a market cap of $1.69 billion, a PE ratio of 15.50, a PEG ratio of 1.86 and a beta of 1.17. The firm's 50 day moving average is $52.65 and its two-hundred day moving average is $56.92.

CONMED (NYSE:CNMD - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $1.15 EPS for the quarter, beating the consensus estimate of $1.13 by $0.02. CONMED had a net margin of 8.31% and a return on equity of 14.43%. The business had revenue of $342.35 million during the quarter, compared to analyst estimates of $338.42 million. During the same period in the prior year, the business earned $0.98 earnings per share. The business's quarterly revenue was up 3.1% on a year-over-year basis. As a group, sell-side analysts predict that CONMED will post 4.35 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CNMD shares. JPMorgan Chase & Co. reduced their target price on CONMED from $70.00 to $58.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. Wells Fargo & Company reduced their price objective on shares of CONMED from $70.00 to $57.00 and set an "equal weight" rating for the company in a research note on Thursday, May 1st. Needham & Company LLC downgraded shares of CONMED from a "buy" rating to a "hold" rating and set a $61.00 price target for the company. in a research report on Thursday, June 12th. Wall Street Zen lowered CONMED from a "buy" rating to a "hold" rating in a report on Tuesday, May 6th. Finally, Stifel Nicolaus downgraded CONMED from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $75.00 to $55.00 in a research note on Monday, April 28th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, CONMED presently has a consensus rating of "Hold" and an average target price of $59.80.

About CONMED

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. The company offers orthopedic surgery products, including BioBrace, TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and Agro Knotless Suture Anchors, which provide clinical solutions to orthopedic surgeons for the augmentation and repair of soft tissue injuries, as well as provides supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.